CSAV officials said "dissident shareholders" owning only 2.7 percent of its stock have asked to exercise appraisal rights, meaning its planned merger with Hapag-Lloyd can go forward.
The merger has been triggered due to a stipulation in the agreement that called for the merger to halt only if 5 percent of the shareholders disagreed with the plan. Since that threshold was not met, the merger can go forward, officials said.
CSAV officials said the agreement now much be approved by the Hamburg senate, "which should occur before the end of this month. In parallel, both companies must begin a consulting process with different regulatory authorities, after which the merger process will be materialized."
On Wednesday, Hapag-Lloyd said that Jürgen Weber will step down as chairman of its supervisory board and hand over the position to Michael Behrendt this fall. Behrendt will step down as chief executive officer of Hapag-Lloyd at the end of June, and be replaced by Rolf Habben Jansen, as previously announced.
Meanwhile, the German newspaper Die Welt
reported that Hapag-Lloyd shareholder Klaus-Michael Kuehne said Hapag-Lloyd should merge with yet another carrier, Singapore's NOL, the parent company of APL